brickcityman (< 20)

A modest proposal

November 19, 2010 – Comments (5) | RELATED TICKERS: AU , DIT , FED

To:  Ron Paul, et.al.

Subject: "Ending" the Fed

Dear Sirs and Madams,

Many teeth have been gnashed, and veins bulged, regarding the role the Federal Reserve has played in our liquidity based "healing" of the banking sector and economy at large.  At many junctures I've heard calls to "end" the federal reserve board, or at the very least audit its books.  More often than not these calls have been ignored by all but a small core group of people...  Whether it be by virtue of dis-interest or dis-agreement your tactics appear to be failing or at least still lacking in traction.

May I offer you a simpler solution...  One that has a proven track record. 

You see, while Mr. Bernanke and company highlight their mandated independence to fend off calls for oversight they are arming you with all the ammunition you require.  All you need to do is pose a question to the American people...  Why should an independent organization be immunized from paying taxes on profits it makes from the purchase and sale of investment assets?  While the fed's authority to create and destroy currency is certainly a stickey wicket, their participation in bond sales should hardly be.  Once you've gotten momentum behind "Tax the Fed" then it seems a short skip and a jump before you can get all the data you want or need.

Humbly Submitted,

- BCM